Tetrahydrofuran(THF) is a common-purpose, highly volatile organic solvent, colorless, water-miscible, and mobile liquid, it offers perfect solvent power for numerous organic substances and is used as a starting material for various syntheses. According to BlueQuark Research & Consulting, the global Tetrahydrofuran market is expected to witness a significant growth rate and grow by over 6% CAGR during the forecasted period. Factors such as Tetrahydrofuran (THF) are widely used for the production of polytetramethylene ether glycol (PTMEG), which is worn as a base chemical for the manufacturing of spandex and polyurethanes, are expected to increase the Tetrahydrofuran (THF) market in the forecasted period. Further, the growing demand for spandex from the textile industry is anticipated to drive the global Tetrahydrofuran market in the forecasted period. Furthermore, THF has lightweight properties, and its wide use in automotive, construction, textile, and pharmaceutical industries will further drive the Tetrahydrofuran market. However, the organic substance increases the carbon emission, which damages the environment and health of the consumers. It should not be exposed to atmospheric oxygen due to its flammability. The product irritates eyes, skin, and mucous membranes, due to which the regulatory norms have restricted its use. 

Tetrahydrofuran (THF) is utilized in a wide range of applications. Major Tetrahydrofuran (THF) applications include pharmaceutical, solvent, and PTMEG. It is extensively used in manufacturing plastic products, rubber products, and polyurethane coatings.

The polytetramethylene ether glycol (PTMEG) fragment held the largest share in the tetrahydrofuran market due to its extensive use in spandex production polyurethane. Tetrahydrofuran is widely used for polytetramethylene ether glycol (PTMEG) production, which is used as a base chemical in manufacturing polyurethanes is expected to be the fastest-growing market during the forecasted period. More than 65% of the Tetrahydrofuran manufactured globally is used in manufacturing PTMEG, which is used mainly in the production of spandex and other polyurethanes. The rising demand for spandex in the textile industry is expected to drive the market for Tetrahydrofuran during the forecast period. Spandex is a synthetic fabric composed of 85% polyurethane by weight, and it is a segmented polymer containing alternating rigid and flexible polyurethane segments. Polyurethane elastomer is widely used in manufacturing auto–material seat covers and gear shift knobs. And spandex is commonly used in sportswear, trendy garments, casual wear, and in various types of women's clothing such as leggings, form-fit clothes, swimwear, athletic wear, and aerobic clothes. Due to the superior properties of spandex, it is used extensively in women's clothing, casual wear, swimsuits, and sports fabrics to provide more comfort and elasticity. It has good strength, high abrasion resistance, and high uniformity. In addition, the rising health awareness among the public has led to a surge in the various sports events and fitness activities across the globe, thereby leading to increased demand for sportswear. Thus, the wide use of Tetrahydrofuran for polytetramethylene ether glycol (PTMEG) manufacturing is anticipated to drive the tetrahydrofuran market in the forecasted period.

The Asia-Pacific region is awaited to have the most significant market share in the forecasted period due to increased demand from end-users (like PVC, adhesives & textile) in countries like China, Japan, and India. The growing textile industry in emerging economies such as China and India is expected to propel the market during the forecasted period. In India, the rising per capita revenue, favorable demographics, and a shift in preference to branded products raise the demand for the textile industry, thus, boosting the market. Apart from the textile industry, Tetrahydrofuran is mainly used as a solvent in numerous processes in pharmaceutical industries, along with insignificant applications being from adhesives, paints and coatings, and magnetic tapes. In the pharmaceutical industry, THF is worn to synthesize cough serum, progesterone, rifamycin, and other hormone drugs and as a reaction method in the Grignard synthesis process. India's pharmaceutical sector occupies a 20% share in global supply by volume, and it is placed third worldwide for production by volume. The increasing need and expansion of pharmaceutical industries are expected to drive the market for THF. The expanding use of artificial leather in various applications such as clothing, footwear, upholstery, and fabrics remains a key driving factor for market growth over the forecast period. Due to elasticity and faster drying properties, the demand for textile and garments has increased, especially skin-tight clothes. Increasing fitness activities due to health consciousness among the consumers are fuelling sportswear demand. Rising use in the manufacturing of coatings, adhesives & specialty coating systems is driving market growth across the globe. Increasing the production of numerous organic substances is stimulating the product demand. Escalating demand for printing ink from the packaging industry is propelling the market growth. Rising automobile, defense & aerospace industries in developing nations such as India, China, and Japan are driving the paints and coatings market. Tetrahydrofuran use in the building and construction industry increases due to the rising population and improving living standards.

The global Tetrahydrofuran market is partially fragmented. The major players in the worldwide Tetrahydrofuran market are BASF SE, Dairen Chemical Corporation (DCC), Mitsubishi Chemicals Holdings Corporation, Ashland Global Specialty Chemicals Inc., Invista, among others. 

In March 2021, BASF announced that it would increase the selling prices for butanediol and its derivatives, including Tetrahydrofuran, in the European Union. These products are broadly used for producing solvents, polyurethanes, and elastic spandex.

Global Tetrahydrofuran Market report provides deep insight into the current and future state of the Tetrahydrofuran market across various regions. The study comprehensively analyzes the Tetrahydrofuran market by segmenting based on end-user industry (Polymers, Paints and Coatings, Pharmaceutical, Textile), application (polytetramethylene ether glycol (PTMEG), Solvents & other applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on market growth. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.